How can I make Z3TA+ 2 move the Cakewalk folder containing Wavetables, Tunings, Programs and Arpeggios? Alternatively how can I make it acknowledge this folder if I move it to a new location?

I suggest you seek Tech Support if you get no authorative answer here but FYI ...
 
There is a Registry entry:
at HKEY_LOCAL_MACHINE\SOFTWARE\Cakewalk Music Software\z3ta+\2.0
"UserData Path"
(Mine, for Steam Z3TA+ 2 is "C:\Program Files (x86)\Steam\steamapps\common\Cakewalk\Cakewalk Content\Z3TA+ 2", I imagine Non-Steam might be  "C:\Program Files\Cakewalk\Cakewalk Content\Z3TA+ 2")
It appears the subdirectories are under that, namely
   MIDI Arpeggios
   MIDI Learn
   Programs
   Tunings
   WaveTables
NOTE: Programs are under that location too.
 
There doesn't appear to be a way from within the App/VST(?).
Reinstall may allow redefinition?